India Electric Vehicle Battery Market Size, Share, Impressive Industry Growth, Report 2027

 

India electric vehicle battery market is estimated to grow at a CAGR of over 8.0% during the forecast period. The rising sales of electric vehicles in the country are a major factor that is driving the growth of electric vehicles battery market in the country. The rise in initiatives taken by the various government organizations such as ISRO and Indian Oil Corp. Ltd. are further augmenting the growth of electric vehicles batteries industry in the country. For instance, in August 2019, state-run oil refiner Indian Oil Corp. Ltd. announced to set up a 1 Giga Watt (GW) plant to make batteries used for running electric vehicles in partnership with an overseas start-up using a non-lithium ion raw material.

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The India electric vehicle market is segmented on the basis of battery type vehicle type, and propulsion technology. Based on the Battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on battery type Li-ion is anticipated to hold a considerable market share during the forecast period. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicle, plug-in hybrid electric vehicle.

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Some of the major companies which are contributing to the growth of India electric vehicles battery market include Tata Group, Amara Raja Group, Exide Industries Ltd, HBL Power Systems Ltd., Hitachi, Ltd., Indian Oil Corp. Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various growth strategies such as new product innovations, mergers & acquisitions, joint ventures, development of manufacturing plants for EV batteries and so on stay competitive in the market. For instance, in January 2020, Tata Group had announced to make investment of over $550 million to set up a lithium-ion battery plant in Dholera in Gujarat. In June 2018, Exide Industries Ltd. announced its joint venture agreement with Leclanche to build lithium-ion batteries and energy storage solutions to cater the rising demand of electric vehicles batteries in the country.

India Electric Vehicle Battery Market- Segmentation

By Battery Type

·        NiMH

·        Li-Ion

·        Others

By Vehicle Type

·        Commercial Vehicles

·        Passenger Cars

·        Two-Wheelers

By Propulsion Technology

·        Battery Electric Vehicles

·        Plug-in Hybrid Electric Vehicle

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Company Profiles

·        Amara Raja Group

·        EON Electric Ltd.

·        Exide Industries Ltd

·        HBL Power Systems Ltd.

·        Hitachi, Ltd.

·        Indian Oil Corp. Ltd.

·        NEC Corp.

·        Panasonic Corp.

·        Samsung SDI Co., Ltd.

·        Tata Group

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